27/02/2008
North Sea operator Oilexco says appraisal drilling at its Bugle discovery has confirmed the commerciality of the project.
The fully listed company has earned a 41 per cent interest in Bugle by drilling an appraisal well, which has identified at least 282 feet of oil column in one oil accumulation, Dirk Sand, and at least 280 feet of oil column in another, Upper Galley Sand. Oilexco says the original discovery well encountered 85 feet of oil-bearing Jurassic Dirk Sandstone and 123 feet of oil-bearing Jurassic Galley Sandstone.
Shares in Oilexco, which soared from 93.5p in 2005 to 893.5p last October, now trade at 831p, up 34p this morning. That values the company at £1.8 billion.
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